Scope Markets is a regulated trading broker that provides traders in Kenya with the opportunity to engage in online Forex and CFD trading through the highly advanced and powerful MetaTrader 5 (MT5) platforms, which are available for use on desktop computers, the web, and mobile devices.
In this comprehensive review we provide beginner traders in Kenya with an unbiased look into the various features offered by this highly popular broker.
Scope Markets Regulation
SM Capital Markets Ltd., a business that has its headquarters in Cyprus, is the organization that is in charge of running Scope Markets. The Cyprus Securities and Exchange Commission has granted SM Capital Markets Ltd. permission to operate and regulates the company’s activities (CySEC).
The Scope Markets Kenya entity that operates in Kenya is also regulated by the CMA. Scope Markets is required, as a regulated organization, to adhere to the stringent laws and regulations that have been established in an effort to assist in the protection of investors.
Scope Markets Accounts and Fees
There are many different trading accounts available to pick from at Scope Markets Kenya, each of which requires a minimum balance of $200 and does not have any additional or hidden fees or costs.
Although the spreads are competitive, there is a markup on two thirds of the accounts, and the broker provides leverage ranging from 1:5 to 1:30.
Every type of account that the broker offers gives access to inexpensive floating spreads. You will only be responsible for paying the spread on any instrument with the Standard and Gold accounts; there will be no commission charged.
There is a commission charge of $6 each 1 lot USD transacted, although the spreads are substantially smaller on the Platinum account (beginning at 0 on key FX currency pairings), but there is a charge for each trade.
Scope Markets Platforms and Features
Scope Markets Kenya provides a user-friendly MT5 trading platform that is simple to use while being complex enough to give competitive trading conditions twenty-four hours a day, five days a week. This platform is available to traders of all experience levels, including novices.
MetaTrader 5 is a major multi-asset platform that was developed to give a next-level trading experience. It does this by providing traders with improved technical analysis tools, automated trading systems, and more advanced features.
Scope Markets Education
Scope Markets has stated that they seek to meet the requirements of all traders by providing them with education and providing continuing support. Scope Markets offers you a selection of free educational resources that you can use.
The broker provides access to a multimedia trading library that has a number of movies covering a range of subjects, including market analysis and trading platforms. These are foundational videos that are appropriate for traders of any degree of experience.
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Scope Markets Range of Assets
Trading contract for differences (CFDs) on global markets and a variety of financial products, such as foreign exchange (Forex), shares, metals, indices, and spot energies, are all possible with Scope Markets.
Trading contracts for difference (CFDs) does not need you to purchase or dispose of any underlying assets. When you trade contracts for difference (CFDs), you make a binding agreement to trade the difference in the price of an asset between the time the contract is opened and the time it is closed.
Retail and institutional traders in Kenya can take use of Scope Markets’ online trading services, which include foreign exchange and contract for difference (CFD) trading.
Scope Markets gives access to a variety of trading options that meet regulatory requirements while also being client-focused, flexible, and cost-effective. You will have the opportunity to trade on a variety of global markets, such as stocks, indices, currencies, commodities, and CFDs.